H.F.GROUP: what changed
H.F.GROUP
Largest movements
- Cash -€67,147
down €67,147 (-28.2%), from €237,724 to €170,576
mainly Contributions, distributions and other (-€130,000) and Investment in fixed assets (net) (-€90,367)
- Tangible fixed assets +€39,222
up €39,222 (+12.5%), from €313,240 to €352,462
of which Furniture and vehicles: +€21,606
- Receivables within one year +€21,514
up €21,514 (+4.1%), from €526,003 to €547,517
of which Other amounts receivable: +€17,190
- Debts after one year -€79,981
down €79,981 (-22.1%), from €361,881 to €281,900
- Trade debts +€48,761
up €48,761 (+86.3%), from €56,474 to €105,235
- Profit (loss) carried forward +€35,652
up €35,652 (+10.2%), from €350,478 to €386,129
- Tax, wage and social debts -€23,302
down €23,302 (-12.1%), from €192,138 to €168,836
of which Taxes: -€34,264
- Staff costs +€45,941
up €45,941 (+24.1%), from €190,244 to €236,186
- Taxes -€21,158
down €21,158 (-29.6%), from €71,486 to €50,328
- Depreciation +€8,116
up €8,116 (+18.8%), from €43,056 to €51,171
- Gross operating margin +€6,342
up €6,342 (+1.2%), from €538,339 to €544,681
- Financial income +€6,055
up €6,055 (+846%), from €716 to €6,770
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,090,061 | €1,078,790 | -€11,271 | -1.0% |
| Fixed assets | 21/28 | €316,293 | €355,488 | +€39,196 | +12.4% |
| Intangible fixed assets | 21 | €26 | - | -€26 | |
| Tangible fixed assets | 22/27 | €313,240 | €352,462 | +€39,222 | +12.5% |
| Land and buildings | 22 | €267,167 | €285,103 | +€17,937 | +6.7% |
| Plant, machinery and equipment | 23 | €321 | - | -€321 | |
| Furniture and vehicles | 24 | €45,753 | €67,359 | +€21,606 | +47.2% |
| Financial fixed assets | 28 | €3,026 | €3,026 | = | 0.0% |
| Current assets | 29/58 | €773,769 | €723,302 | -€50,467 | -6.5% |
| Stocks and contracts in progress | 3 | €2,905 | €4,429 | +€1,523 | +52.4% |
| Stocks | 30/36 | €2,905 | €4,429 | +€1,523 | +52.4% |
| Amounts receivable within one year | 40/41 | €526,003 | €547,517 | +€21,514 | +4.1% |
| Trade receivables | 40 | €365,389 | €369,713 | +€4,324 | +1.2% |
| Other amounts receivable | 41 | €160,614 | €177,804 | +€17,190 | +10.7% |
| Cash at bank and in hand | 54/58 | €237,724 | €170,576 | -€67,147 | -28.2% |
| Deferred charges and accrued income | 490/1 | €7,137 | €780 | -€6,357 | -89.1% |
| Total equity and liabilities | 10/49 | €1,090,061 | €1,078,790 | -€11,271 | -1.0% |
| Equity | 10/15 | €370,938 | €406,589 | +€35,652 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €350,478 | €386,129 | +€35,652 | +10.2% |
| Amounts payable | 17/49 | €719,124 | €672,201 | -€46,923 | -6.5% |
| Amounts payable after more than one year | 17 | €361,881 | €281,900 | -€79,981 | -22.1% |
| Financial debts | 170/4 | €361,881 | €281,900 | -€79,981 | -22.1% |
| Amounts payable within one year | 42/48 | €357,242 | €390,300 | +€33,058 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €77,141 | €79,981 | +€2,840 | +3.7% |
| Trade debts | 44 | €56,474 | €105,235 | +€48,761 | +86.3% |
| Suppliers | 440/4 | €56,474 | €105,235 | +€48,761 | +86.3% |
| Taxes, remuneration and social security | 45 | €192,138 | €168,836 | -€23,302 | -12.1% |
| Taxes | 450/3 | €153,698 | €119,434 | -€34,264 | -22.3% |
| Remuneration and social security | 454/9 | €38,439 | €49,402 | +€10,963 | +28.5% |
| Other amounts payable | 47/48 | €31,490 | €36,248 | +€4,758 | +15.1% |
| Remuneration, social security and pensions | 62 | €190,244 | €236,186 | +€45,941 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,056 | €51,171 | +€8,116 | +18.8% |
| Other operating charges | 640/8 | €26,551 | €31,715 | +€5,165 | +19.5% |
| Non-recurring operating charges | 66A | - | €2,953 | +€2,953 | |
| Gross operating margin | 9900 | €538,339 | €544,681 | +€6,342 | +1.2% |
| Operating profit (loss) | 9901 | €278,488 | €222,655 | -€55,833 | -20.0% |
| Financial income | 75/76B | €716 | €6,770 | +€6,055 | +846% |
| Recurring financial income | 75 | €716 | €6,770 | +€6,055 | +846% |
| Financial charges | 65/66B | €12,638 | €13,446 | +€808 | +6.4% |
| Recurring financial charges | 65 | €12,638 | €13,446 | +€808 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €266,566 | €215,979 | -€50,586 | -19.0% |
| Income taxes | 67/77 | €71,486 | €50,328 | -€21,158 | -29.6% |
| Profit (loss) for the period | 9904 | €195,080 | €165,652 | -€29,428 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €195,080 | €165,652 | -€29,428 | -15.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.